Senate Banking Committee Holds Confirmation Hearing for CFPB Nominee Rohit Chopra

Earlier this week, the Senate Banking Committee held a confirmation hearing for two of President Biden’s nominees: Gary Gensler, nominated to lead the Securities and Exchange Commission, and Rohit Chopra, nominated to head the Consumer Financial Protection Bureau (CFPB). Chopra is currently a commissioner on the Federal Trade Commission and had previously served as assistant director of the Bureau.

“We must not forget that the financial lives of millions of Americans are in ruin,” Chopra said in his testimony. “Consumers continue to discover serious errors on their credit reports or feel forced to make payments to debt collectors on bills they already paid or never owed to begin with, including for medical treatment related to COVID-19.”

The Wall Street Journal highlighted that the CFPB is expected to investigate credit reporting errors and bank mergers, and that Chopra will likely advocate for a faster payments system by the Federal Reserve. In his previous experience with the CFPB, Chopra focused on pushing student-loan companies to treat their borrowers better.

“Congress has entrusted the Consumer Financial Protection Bureau with carefully monitoring markets to spot risks, ensuring compliance with existing law, educating consumers, and promoting competition,” Chopra said. “This not only helps to protect Americans from fraud and other unlawful conducts, it also ensures that law-abiding businesses, regardless of size, can compete.”

Senator Sherrod Brown (D-Ohio), Senate Banking Committee Chairman, said in his opening statement that Chopra has “a deep understanding of financial markets and a strong record of protecting consumers and small businesses, promoting competitive markets, and holding bad actors accountable.”

Chopra is expected to be confirmed, although the vote has not yet been scheduled.